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Oil Surges, Stocks Tumble on Mideast Conflict Fears
14 Mar
Summary
- Major indexes saw weekly declines over 1.2% amid conflict worries.
- Oil prices surpassed $100 a barrel, a significant weekly increase.
- Traders scaled back rate cut expectations due to economic uncertainty.
Global stock markets concluded their third consecutive week with losses, as investors grappled with the implications of a prolonged Middle East conflict on energy prices and economic stability. All three major indexes recorded weekly declines exceeding 1.2%.
Initial market optimism, spurred by cooling inflation data, was quickly overshadowed by revised GDP figures showing a sharp slowdown in fourth-quarter growth to a 0.7% annual rate. This economic deceleration predated the recent surge in oil prices, which saw Brent crude settle above $100 a barrel for the week, with West Texas Intermediate also rising significantly.
